MoEngage Nears Unicorn Status With $180M Series F Follow-On, Targets AI-Led Expansion and Profitability

New updates have been reported about MoEngage (PC:MOENG)

MoEngage has executed a $180 million Series F follow-on transaction, positioning the customer engagement platform just below unicorn valuation and reinforcing its late-stage profile ahead of a potential IPO in the coming years. Of the total, roughly $123 million was secondary, including a $15 million employee tender that provided liquidity to 259 current and former staff, while $57 million was injected as primary capital to fund growth. The round, led by ChrysCapital and Dragon Funds with participation from Schroders Capital, TR Capital, and B Capital, values MoEngage at well over $900 million post-money and comes shortly after a separate $100 million raise. Early investors, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast, partially or fully exited through the secondary component, with Ventureast realizing about a 10x blended return, illustrating strong value creation and providing a cleaner cap table as MoEngage prepares for the next phase. The company has now raised approximately $307 million in primary funding to date and is reportedly tracking toward $100 million in annualized recurring revenue, though it has not publicly confirmed this figure.

CEO and co-founder Raviteja Dodda said the new primary capital will be directed toward accelerating development of the Merlin AI suite and scaling AI agents that enhance decision-making and operational efficiency for marketing teams, while also deepening MoEngage’s reach into product and engineering functions through bundled analytics and transactional messaging. This bundling strategy is designed to increase average contract values and expand the addressable market beyond marketing stakeholders to broader product and data teams. MoEngage also plans targeted acquisitions in the U.S. and Europe, focusing on complementary software and small AI teams to strengthen its intelligence-led offerings and support geographic expansion, where North America already contributes more than 30% of revenue and Europe–Middle East about 25%, with the remainder from India and Southeast Asia. Management expects the company to turn EBITDA positive this quarter and is targeting approximately 35% compound annual growth over the next three years, supported by an India-based cost structure that, according to investors, gives MoEngage a cost advantage while competing in developed markets. The secondary-heavy deal structure reduces pressure for an immediate public listing, giving MoEngage flexibility to time an IPO based on market conditions while continuing to invest in AI, product breadth, and international scale.